The job cuts amount to roughly three percent of the San Francisco-based firm’s overall workforce and will impact offices nationwide. A Charles Schwab spokesperson said the layoffs were meant to ensure the company remains “well-positioned to serve clients while navigating an increasingly challenging economic environment.”

“Impacted positions span all staffing grades, as well as organizations and locations across the company. While it is never easy to say goodbye to valued colleagues, these actions are a prudent step to ensure we manage our expense growth while continuing to invest in initiatives that allow us to achieve greater scale and efficiency – like platform improvements and digital experiences,” the spokesperson added.

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The Federal Reserve cut interest rates in July amid concerns about inflation, slowing economic growth and global trade disputes. More rate cuts are expected in the near future. A Charles Schwab executive told employees in the meeting that the company’s internal forecasts hadn’t planned for a rate cut, the Journal reported, citing a source familiar with the matter.